PLAZA COS. AND HYATT BUY INTO AUTO DEALER’S UPSCALE ARIZONA PROJECT
By Murray W. Wolf
Part of the former Rawhide Old West Theme Town in northern Scottsdale, Ariz., will be transformed into a luxury continuing care retirement community (CCRC) if everything goes according to plans announced Nov. 8 by Plaza Cos. and Classic Residence by Hyatt.
The duo says it has entered into a joint venture and reached an agreement to purchase 35 acres of the 160-acre site, which is to be developed as an upscale mixed-use project called Silverstone at Pinnacle Peak.
The owner of the Silverstone site is RHVT LLC, an entity controlled by auto dealer Larry Van Tuyl. His family-owned, Kansas City, Mo.-based Van Enterprises (VT Inc.) is said to be the nation’s largest privately-owned automotive dealership group, with more than 30 dealerships in 10 states. The developer of the rest of the Silverstone site is likely to be Automotive Investment Group Inc. of Phoenix, another entity affiliated with the Van Tuyl clan.
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